Entrepreneurs who make their way into start-ups are often motivated and raring to go. They will reach out to firms offering company incorporation services to roll out their operations that are backed by strong business plans. But, few are able to anticipate what is coming their way.
In a competitive market like Singapore, getting started is the easy part. It becomes harder to keep the business going, especially in an upward trajectory. There are several reasons that could have caused the stagnation of your business. For instance, the current COVID-19 crisis is one example, but it is out of your control. In truth, most reasons of business stagnation are within your control, and there are always ways you can implement to turn the situation around.
Here are 4 vital reasons why your business may have stopped growing, and what you can do to solve it.
1. You want to do everything yourself
Many entrepreneurs start out by themselves, shouldering responsibilities for public relations, financial services, and many more. That quickly wanes as customer numbers grow and operations become more complex. For many entrepreneurs, their first business is just like their child. This means they can have a hard time letting go of control and allowing other people in to help them steer their business in the right direction.
It is impossible to grow a business by simply depending on yourself. You will spend too much time dealing with important but peripheral matters at the expense of business development. For instance, you may have to spend days or weeks figuring out bookkeeping when you could have outsourced to a firm offering SME accounting services in Singapore. At Ackenting Group, we offer essential accounting bookkeeping services to help you with your balances and your financials. Our team of accounts will work with you provide the financial information you need so that you can continue to keep your business running with the right decisions in mind.
2. You don’t empower your team
Many entrepreneurs realise quickly that they are not able to continue doing all of the work themselves, and decide to form a team. However, due to constraints in cost, they may not be able to upgrade the skills of their team members or supply them with the best tools.
Do you have an in-house accountant using spreadsheets to update your books? There are many ways that they may be struggling, which impacts their productivity levels. Perhaps the best accounting software can be costly, or your accountant may not be familiar with the software altogether. No matter what the reason may be, it is dragging down your business growth.
When you engage in a firm that offers professional account services, they have the best tools to meet your accounting needs and keep your financials in check. You can save more on accounting services fees knowing you are getting the most value with the most-updated software and technological capabilities for reliable financial reporting.
3. Fishing in the same spot for too long
Every fisherman knows that when you fish at the same spot for too long, your yields will eventually go down. This metaphor applies for businesses; when you use the same ideas and concepts, you can risk failing to innovate. You may have had a great idea and a great product that set you apart from your competitors. But it can be a big mistake if you do not consider that the idea or product may not last.
At Ackenting Group, we can provide you with all the financial estimates, records, and analysis you need to make the best market choices. Our team of professional accountants are always ready to help you understand where your business may be impeded and how you can make the best financial choice and continue to grow your business.
4. Afraid of making hard choices
As a business owner, it is your utmost responsibility to ensure that your business is growing. If your existing in-house accounting team may not be working out for you, you may need to make the hard decision of outsourcing your accounting needs to a professional firm. Plus, you get to save more instead of keeping the department on your payroll, when you can tap on the expertise of many experienced outsourced accountants out there.
It is vital to ensure that your business growth isn’t hindered by the reasons listed above. Always ensure that the things within your control can be salvaged and solved so that you can make the best decision for your business.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
